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Alternatives to U.S. Stocks

Investors Who Are Looking
To Cash, Gold and Japan
Should Heed Warnings

By

Mark Gongloff,

Scott Patterson and

David GaffenThe Wall Street Journal Online

Updated Aug. 26, 2005 11:59 p.m. ET

U.S. stocks retreated after climbing to four-year highs, and with the potential for another September bloodbath, some investors are looking elsewhere. But those headed for cash, gold and Japan should heed warning signs.

Uneasy Lies Cash's Crown

Mark Gongloff: With stocks and bonds under attack by an aggressive Federal Reserve, a restless Wall Street is preparing to make cash its king. But like Oliver Cromwell in England, cash may not rule for long.